I’ve talked recently about the United of Omaha “Fit test” crediting program where a person’s health habits and lifestyle can help reduce the price of their life insurance. Well, they bowled a strike on a bipolar disorder term insurance case I was working on today, approving it at the rate they quoted on the trial offer and then lowering that price by about 25% using Fit test credits.
In this case my client was looking at $500,000 of 20 year term at $2360 annually. Once the credits were applied her new guaranteed rate for 20 years is $1762.00.
And these aren’t killer requirements to qualify for credits. It’s not like they want to know if you can run a 10k in under 30 minutes or spend more than 2 hours daily in aerobic exercise.
There are some serious savings to be had for people that have been rated by other insurance companies or have an impairment like type 2 diabetes or bipolar where we know up front that best case is going to be a moderately rated approval. United of Omaha’s crediting can reduce the premium 25% to 50%.
Bottom line. Not being rewarded for your life style is one of the primary complaints people have about life insurance underwriting. United of Omaha just might be the right Fit for you.
October 26th, 2009
Ah, but for the immortal! I’ve long picked on men for their “it won’t get me” attitude when the statistics show differently, but while women do live a bit longer on average, I still wouldn’t take those odds. 1 in 6 men and 1 in 9 women will die between the ages of 25 and 64.
I’m sure there must be a certain “beat the system smugness” if you don’t buy life insurance and your assets grow to the point of self insurance. Didn’t have to spend that money! But ladies and gentlemen, this isn’t a system where attempting to beat the system and making the wrong assumption is very forgiving. Life insurance is very affordable these days and the money you would save over the years where you have real responsibility pales in the face of the burden you impose on your surviving family if you die prematurely.
If you’re married and especially if you have children, you know that trust is at the core of a successful marriage and tops the list in the parenting column as well. Whether you’ve been brave enough to discuss it or not, your spouse and your children trust that you would never intentionally let them down. All of us who are married and have children know how it can rock the boat when we fail at something small. That is the result of inadvertently dropping a rock in the trust pond.
Never mind life insurance for a minute. If you die prematurely kids feel abandoned. You left them when you promised you would always be there for them. Your spouse will go through the same feelings, just more on an adult level. Now add in the fact that you broke that promise and also left them without a replacement for your income and a way to pay the mortgage, or a way to dream of college, or a way to have fun on a vacation.
Bottom line. Responsibility is a tough thing. We seem born to think about ourselves first and it is an adjustment to actually put the welfare of someone else first, but that’s life.
October 26th, 2009
